COBRA Health Insurance

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Consolidated Omnibus Budget Reconciliation Act

While COBRA may sound like a giant killer snake, it actually stands for Consolidated Omnibus Budget Reconciliation Act. Developed in 1986, COBRA health insurance provides continuation of group health insurance coverage that otherwise may be cancelled. Let's say you are leaving a job that has group coverage and for the time being, do not have insurance. If this is the case, COBRA insurance may be your answer. Nevertheless, in order to quality for such coverage, it depends on a series of requirements. Were you enrolled in your employee health plan when you worked? Will it still be present for other employees, once you leave? If this is so, COBRA will be available upon both voluntary and involuntary termination. In addition, if your work hours are reduced, you can also obtain COBRA health insurance.

Although COBRA health insurance is a great alternative, it is important to do your research. For your employer to be under COBRA, they must not only be in a private sector, but they also need to have at least 20 employees. If this is not the case, state or local governments with group health insurance could also be applied. Once you have decided that COBRA health insurance is the right path for your financial needs, it is essential to keep all paperwork organized. All employers absolutely have to notify administration within two months if an employee has died, been terminated, no longer works full time, and so forth. At this point, the individual with the plan has 60 days to decide whether or not COBRA continuation is a good choice. Fortunately, COBRA allows you to wait 45 days before actually paying the premium.

For many, COBRA insurance sounds like an overwhelming process. In simple terms, COBRA is merely a company dedicated to helping individuals obtain health insurance. This means that if you die and your spouse is in need of coverage, he/she will continue to do so. Moreover, if you have lost your job, you also will be able to continue your insurance plan. If you are eligible for such a plan, it is highly recommended, as you never know what life will throw at you down the road.